Friday, April 08, 2005

This Just In: Music Industry Is Sleazy, Radio Stinks

From Reuters:

Warner Music Group Corp. has received another subpoena from New York Attorney General Eliot Spitzer as part of an industrywide probe of the financial relationship between music companies and radio stations, Warner Music said on Thursday.

... The investigation is examining the time-honored practice of music companies' paying independent promoters hundreds of millions of dollars a year to help secure valuable radio air time for songs.

...It said it cannot predict the outcome of the investigation but that the probe has the potential to result in financial penalties or change the way the music industry promotes records. EMI Group Plc said in October that Spitzer was investigating it as part of an industrywide probe. Sources have said Universal Music Group and Sony BMG Music Entertainment have also received subpoenas.

Warner Music also disclosed in the filing that it intends to list its shares on the New York Stock Exchange. It did not propose a stock symbol.
How about "EVIL"?

No comments: